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GLOBAL BUSINESS
Indonesia could be Asia’s next Islamic finance hub
A Bank Mandiri Syariah employee serves a customer at the Islamic lender’s Central Jakarta office. Photo: JP/file Ann/Jakarta Post Ann/Jakarta Post
Indonesia ended 2020 with record highs in Islamic finance development, with the State of the Global Islamic Economy Report (SGIER) 2020-2021 raising the ranking of Indonesia s Islamic finance industry to 4th from 5th, after Malaysia, Saudi Arabia and the UAE.
The Islamic finance development indicator (IFDI) for 2020 revealed that Indonesia s rankings also rose from 4th to 2nd in Islamic finance development and from 8th to 7th in Islamic financial assets, with the latter increasing 15 percent to US$99 billion.